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Updated: April 12, 2024 at 9:38 am
Medicaid and life insurance. These together aren’t like peas and carrots. More like oil and water!
You may have heard different information about Medicaid eligibility and life insurance. Frankly, a lot of the stuff you read on the internet is inaccurate.
In this article, we dispel the inaccuracies and tell you what you need to know about how Medicaid works with life insurance.
Updated: April 12, 2024 at 9:40 am
Massachusetts residents who possess long-term care insurance are granted a unique provision. The provision is the only of its kind in the nation.
Let’s back up a bit. You’ve probably heard about people losing their homes during the estate recovery process. This happens when the state’s Medicaid department files for a claim on your loved one’s estate for using Medicaid for long-term care needs. The state wants to recoup what it paid to your family member.
Updated: April 12, 2024 at 9:40 am
When people think of long-term care insurance, a favorable tax deduction is the last they think of.
Why? Well, traditional long-term care insurance has had a bad rap these days. It seems like everyone knows premiums have increased through the roof. (FYI – they have stabilized, though.)
Moreover, people don’t like the “use-it-or-lose-it” stigma associated with traditional long-term care insurance. We understand. As we have discussed, however, you will probably need some type of long-term care in your future.
Did you know that traditional long-term care insurance offers a really nice tax deduction as well as other awesome tax benefits?
Continue reading Long-Term Care Insurance Tax Deduction | How It Helps & Other Tax Advantages
Updated: April 12, 2024 at 9:40 am
You’ve probably never heard of NGL or a funeral expense trust (or funeral trust, for short).
When a person is searching for the right final expense or burial insurance, sometimes the breadth of carriers and products makes the process confusing and intimidating. The person becomes frustrated. Then he or she stops this important coverage altogether, leaving his or her family exposed to a potential financial burden.
You don’t need to feel that way with the NGL Funeral Expense Trust.
Updated: April 12, 2024 at 9:40 am
How to protect assets from nursing home costs is on the top of people’s minds.
In a study administered by the Associated Press and the NORC Center for Public Research, about 70% of survey respondents (1,019 in total respondents) stated they were worried about having to pay for these services. With the growing costs of these services, no wonder why.
Additionally, the average annual cost of skilled nursing care for a semi-private room is going through the roof. Add to the fact that the Department of Health and Human Services state that 7 out of 10 people over age 65 will experience a long-term care event at some point during the rest of their lifetime, no wonder people are uneasy.
Most individuals and families wonder how to protect assets from nursing home costs. Do you share the same feelings?
In this article, we discuss who pays for nursing home costs and alternatives to protect your assets from nursing home costs, namely using a trust.
Continue reading How To Protect Assets From Nursing Home Costs [Using A Trust]